When is it time to refresh your brand? You definitely should re-think and refresh your branding at least every seven years. This applies to luxury real estate marketing agents and brokerage companies as well. Brands need to evolve and keep up with changes within their target market and also learn to reach new audiences. A good example of a complete brand makeover is Abercrombie & Fitch.
In the late 19th century Abercrombie & Fitch was a very high end sports outfitter to the rich and famous. If you were about to embark on an African safari and needed a pith helmet or an elephant gun A&F was the place to shop. Today, they sell mostly clothing to 18-22 year old consumers with over 300 locations in the US and abroad.
However, this was a brand that was literally resurrected from bankruptcy when, in 1977, Oshman’s Sporting Goods acquired the defunct firm’s name and mailing list Then, in 1987 The Limited, a clothing retailer, purchased the company because they spotted an underserved retail market niche that they could serve better than anyone else by refreshing the brand. That niche was “Preppies”.
Women's Wear Daily calls Abercrombie & Fitch clothing classically "neo-preppy", with an "edgy tone and imagery". A&F describes this market niche as an aspirational “Casual Luxury”.
In Part 2 of this series, we will discuss the 5 Ways to Refresh Your Luxury Real Estate Marketing Brand. Part 3 is about becoming the iconic brand in your marketplace.
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